FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today announced that its client, the Accident Compensation Corporation of New Zealand, has been named in the Celent report, Model Carrier 2008: Case Studies of Effective Technology Usage in Insurance. In the report, Celent identifies a number of key practices in the use of technology across the product and policyholder lifecycle that a "Model Carrier" might use, and illustrates this with selected case studies of specific initiatives and capabilities. ACC was cited as best practice in the claims category which examined how technology can exert influence on the claims department.
"We are delighted that ACC has been featured in the report," said Michael Kelly, CEO, FINEOS Corporation. "We see this as a testament to the functional breadth of the FINEOS Claims(R) solution, ACC's vision to deliver an optimal solution to their claimants and the work and dedication of both teams to bring such an ambitious project to life."
ACC is the public body in New Zealand that provides 24-hour, no-fault personal injury coverage for all New Zealand residents and visitors. This involves overseeing coverage for 4 million New Zealand citizens and processing approximately 1.7 million claims each year.
ACC uses FINEOS Claims to process claims for bodily injury, work cover and workers' compensation. The claims solution forms part of a larger business transformation initiative to improve operational efficiency and adaptability at ACC and represents one of the largest public sector projects in New Zealand in the last decade.
In looking at the ACC example, Celent highlighted the integration with eight existing systems including document management, security provider and employer management, and general ledger systems, allowing data to be accessed by users in real time through a single web-based interface. Celent also identified four key technology elements that it would expect to see in a successful claims system which are:
-- Electronic case file
-- Rules-based workflow and skills-based routing
-- Automated fraud and subrogation referrals and automated
medical bill review
-- Wireless adjusters (property/casualty only).
FINEOS Claims incorporates these features which have contributed to it becoming a market-leading claims solution in recent years.
Moreover, FINEOS Claims can be implemented within a single line of business, across multiple lines of business to provide a single platform for claims management, or as the foundation for a broader enterprise transformation project. It has shown strong momentum globally with client announcements at leading insurers including Mutual of Omaha (North America), Principal Financial Group (North America), Royal Bank of Canada (North America), Quinn-direct (Ireland), Delta Lloyd (Netherlands), Transport Accident Commission (Australia), CommInsure (Australia), and Road Accident Fund (South Africa).